"10 years on...Assessment of banking and financial reforms since 2008: progress, limitations and proposals".

Summary Ten years after the collapse of Lehman Brothers and the dramatic fall of 2008 when the global banking and financial system was truly on the brink of collapse, the time has come to take stock of the reforms undertaken. This is the purpose of this report. In the background of this work, crucial questions arise for public authorities: are our economies now immune to the risks of a major financial crisis? Have the lessons of the crisis been learned in the structuring of financial and banking regulation instruments? Have the very ambitious announcements made at the G20 summits in Washington DC in 2008 and in London and Pittsburgh in 2009 been followed up? In order to answer these questions as well as possible, we present in the first part an overview of post-crisis banking regulations. This involves presenting in detail the reforms undertaken in terms of bank capitalization and liquidity ratios (Basel III), resolution mechanisms (in particular bail-in), but also the reform of market infrastructures (clearing houses). For each of them, we draw up a balanced assessment highlighting the progress they represent relative to the pre-crisis period, but also their shortcomings. A more global critique of the inspiration and philosophy of these regulatory changes deserves to be stated. In the second part of this report, we question the very philosophy of prudential regulations.